Slide 1: FY 2025 Financial Results
FY 2025 FINANCIAL RESULTS Audited figures March 20, 2026 1
Slide 2: Ermenegildo Zegna Group
Ermenegildo Zegna Group “In 2025 our Group delivered solid revenue and het profit growth despite a continued challenging environment for the sector. Looking ahead, recent developments in the Middle East have introduced additional uncertainty across the sector. In this more complex environment, our p
Slide 3: What we did last month
What we did last month TOM FORD FASHION Fall Winter 2026 3
Slide 4: What we did in the last month
What we did in the last month THOM BROWNE thom browne x ASICS sportstyle 4
Slide 5: What we did in the last month
What we did in the last month ZEGNA MEMORIE 5
Slide 6: What we did in the last month
What we did in the last month ZEGNA Villa Zegna 6
Slide 7: FY 2025 Results - Key Highlights
FY 2025 RESULTS - KEY HIGHLIGHTS1,2 Consolidated Revenues Profit and Net Cash Surplus €1,917m €109m profit (5.7% margin) -1.5% Year-on-Year (YoY) vs. €91 and 4.7% margin in FY 2024 +1.1% organic growth3 €52m Cash surplus vs. (€94) of NFI4 in FY 2024 Gross Profit Adjusted EBIT €1,294m (67.5% margin)
Slide 8: Gross Profit, SG&A and Marketing Analysis
GROSS PROFIT, SG&A and MARKETING analysis Gross profit SG&A Marketing €m, % margin €m, % of revenues €m, % of revenues ▪ Gross Profit margin increased by 90bps, mainly driven by channel mix, with DTC rising to 82% of total branded products revenues in FY 2025 (up from 78% in FY 2024). 66.6% 67.5% 51
Slide 9: Adjusted EBIT
Adjusted EBIT Consolidated By segment €m, % margin ▪ In FY 2025, Adjusted EBIT was €163m with 8.5% ZEGNA FY 2024 FY 2025 margin, compared to 9.5% in FY 2024, including Revenues 1,349 1,363 €10m of provisions in relation to expected 9.5% 8.5% losses on trade receivables owed by Saks Global Adjusted E
Slide 10: Income Statement
INCOME STATEMENT €m, % FY 2025 FY 2024 Revenues 1,916.9 100.0% 1,946.6 100.0% ▪ In FY 2025, Income taxes reached €30.6m. Cost of sales (622.9) (32.5%) (650.1) (33.4%) ▪ Effective tax rate decreased to 22% in Gross profit 1,294.0 67.5% 1,296.6 66.6% FY 2025 (vs. 30% in FY 2024), mainly Selling, gener
Slide 11: Capital Expenditure and Trade Working Capital
Capital expenditure and Trade working capital Capital expenditure Trade Working Capital €m, % on revenues €m ▪ Capital expenditure (Capex) in FY 2025 was €103m, compared to €126m in FY 2024. The 6.4% 5.4% 2025 capex was mainly linked to store 460 408 network (c. 60% of total), as well as 126 investm
Slide 12: Free Cash Flow
FREE CASH FLOW FCF generation driven by higher cash flow from operating activities and improved working capital management €m 260 13 336 (77) (103) 139 82 (151) Operating Profit D&A and Change in Trade Interest & income Net cash flows Capital Payment of lease Free Cash Flow FY 2025 impairment Workin
Slide 13: Cash Surplus / (Net Financial Indebtedness)
CASH SURPLUS / (NET FINANCIAL INDEBTEDNESS) Cash surplus led by a solid free cash flow generation and the inflow from the sale of treasury shares to Temasek €m 107 (13) (37) 7 52 82 (94) NFI Free Cash Flow Temasek treasury M&A operations Dividends Other (1) NFI as of Dec. 2024 shares acquisition as
Slide 14: Balance Sheet
BALANCE SHEET €m Dec 31, 2025 Dec 31, 2024 €m Dec 31, 2025 Dec 31, 2024 Intangible assets 554.1 614.4 Equity attributable to shareholders of the Parent Company 1,031.0 916.1 Property, plant and equipment 211.2 204.8 Equity attributable to non-controlling interests 68.1 66.8 Right-of-use assets 652.4
Slide 15: Cash Flow Statement
CASH FLOW STATEMENT €m Dec 31, 2025 Dec 31, 2024 €m Dec 31, 2025 Dec 31, 2024 Profit 109.5 90.9 Proceeds from the sale of investment - 7.6 Income taxes 30.6 39.7 Proceeds from disposals of current financial assets and derivative instruments 16.3 41.4 Depreciation, amortization and impairment of asse
Slide 16: Disclaimer
Disclaimer Non-IFRS Financial Measures The Group’s management monitors and evaluates operating and financial performance using several non-IFRS financial measures including: revenues on a constant currency basis (constant currency), revenues on an organic growth basis (organic or organic growth), Ad
Slide 17: Appendix
APPENDIX 17
Slide 18: Group Revenues by Segment
GROUP REVENUES BY SEGMENT Q1 2025 vs Q1 2024 Q2 2025 vs Q2 2024 Q3 2025 vs Q3 2024 Q4 2025 vs Q4 2024 (€ thousands, except percentages) 2025 2024 % Organic 2025 2024 % Organic 2025 2024 % Organic 2025 2024 % Organic Zegna 333,293 324,900 2.6% 2.2% 327,026 335,638 (2.6%) 1.0% 290,914 283,875 2.5% 5.5
Slide 19: Group Revenues by Brand and Product Line
GROUP REVENUES BY BRAND AND PRODUCT LINE Q1 2025 vs Q1 2024 Q2 2025 vs Q2 2024 Q3 2025 vs Q3 2024 Q4 2025 vs Q4 2024 (€ thousands, except percentages) 2025 2024 % Organic 2025 2024 % Organic 2025 2024 % Organic 2025 2024 % Organic ZEGNA brand 292,916 282,870 3.6% 3.1% 277,493 283,197 (2.0%) 2.2% 249
Slide 20: Group Revenues by Distribution Channel
GROUP REVENUES BY DISTRIBUTION CHANNEL Q1 2025 vs Q1 2024 Q2 2025 vs Q2 2024 Q3 2025 vs Q3 2024 Q4 2025 vs Q4 2024 2025 2024 % Organic 2025 2024 % Organic 2025 2024 % Organic 2025 2024 % Organic Direct to Consumer (DTC) ZEGNA brand 250,795 239,615 4.7% 4.0% 253,706 246,946 2.7% 7.1% 210,373 203,682
Slide 21: Group Revenues by Distribution Channel
GROUP REVENUES BY DISTRIBUTION CHANNEL Q1 2025 vs Q1 2024 H1 2025 vs H1 2024 9M 2025 vs 9M 2024 FY 2025 vs FY 2024 2025 2024 % Organic 2025 2024 % Organic 2025 2024 % Organic 2025 2024 % Organic Direct to Consumer (DTC) ZEGNA brand 250,795 239,615 4.7% 4.0% 504,501 486,561 3.7% 5.6% 714,874 690,243
Slide 22: Group Revenues by Geographic Area
GROUP REVENUES BY GEOGRAPHIC AREA Q1 2025 vs Q1 2024 Q2 2025 vs Q2 2024 Q3 2025 vs Q3 2024 Q4 2025 vs Q4 2024 (€ thousands, except percentages) 2025 2024 % Organic 2025 2024 % Organic 2025 2024 % Organic 2025 2024 % Organic (1) 154,089 156,562 (1.6%) (1.8%) 174,819 180,029 (2.9%) (1.9%) 151,055 148,
Slide 23: Retail Store Network Evolution
RETAIL STORE NETWORK EVOLUTION(1) At December 31, 2025 At September 30, 2025 At December 31, 2024 TOM FORD TOM FORD TOM FORD Stores ZEGNA Thom Browne Group ZEGNA Thom Browne Group ZEGNA Thom Browne Group FASHION FASHION FASHION EMEA 79 10 12 101 78 10 12 100 76 9 11 96 Americas 76 35 14 125 76 35 13
Slide 24: Non-IFRS Financial Measures
Non-IFRS financial measures The Group’s management monitors and evaluates operating and financial performance using several non-IFRS financial measures including: adjusted earnings before interest and taxes (“Adjusted EBIT”), Adjusted EBIT Margin, Net Financial Indebtedness/(Cash Surplus), Trade Wor
Slide 25: Non-IFRS Financial Measures
Non-IFRS financial measures Adjusted EBIT and Adjusted EBIT Margin Adjusted EBIT is defined as profit or loss before income taxes plus financial income, financial expenses, foreign exchange gains and losses, and the result from investments accounted for using the equity method, adjusted for income a
Slide 26: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Reconciliation of Profit to Adjusted EBIT and calculation of profit margin and Adjusted EBIT Margin For the years ended December 31, (€ thousands, except percentages) 2025 2024 Explanatory notes on Adjusting items (1) Relates to net impairment of leased and owned stores f
Slide 27: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Net Financial Indebtedness/(Cash Surplus) At December 31, (€ thousands) 2025 2024 Non-current borrowings 162,123 196,401 Current borrowings 84,066 177,166 Derivative financial instruments — Liabilities 4,576 15,138 Total borrowings and derivative financial instruments 250
Slide 28: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Trade Working Capital At December 31, (€ thousands) 2025 2024 Current assets 1,190,213 1,206,162 Current liabilities (750,392) (852,885) Working capital 439,821 353,277 Less: Derivative financial instruments - Assets 7,055 1,711 Tax receivables 33,142 32,505 Other current
Slide 29: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Free Cash Flow For the years ended December 31, (€ thousands) 2025 2024 Net cash flows from operating activities 335,559 279,129 Payments for property, plant and equipment (80,504) (100,104) Payments for intangible assets (22,392) (25,425) Payments for right-of-use assets
Slide 30: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Reconciliation Table – Segment FY 2025 vs FY 2024 less less Changes in license less Constant Revenues Growth Acquisitions and agreements where the Organic Foreign exchange Currency disposals Group operates as a licensee Zegna 1.1% (2.7%) 3.8% 0.1% —% 3.7% Thom Browne (14.
Slide 31: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Reconciliation Table – Brand and Product Line FY 2025 vs FY 2024 less less Changes in license less Constant Revenues Growth Acquisitions and agreements where the Organic Foreign exchange Currency disposals Group operates as a licensee ZEGNA brand 1.5% (3.2%) 4.7% —% —% 4.
Slide 32: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Reconciliation Table – Distribution Channel FY 2025 vs FY 2024 less less Changes in license less Constant Revenues Growth Acquisitions and agreements where the Organic Foreign exchange Currency disposals Group operates as a licensee Direct to Consumer (DTC) ZEGNA brand 4.
Slide 33: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Reconciliation Table – Distribution Channel Q4 2025 vs Q4 2024 less less Changes in license less Constant Revenues Growth Acquisitions and agreements where the Organic Foreign exchange Currency disposals Group operates as a licensee Direct to Consumer (DTC) ZEGNA brand 5.
Slide 34: Non-IFRS Financial Measures
NON-IFRS FINANCIAL MEASURES Reconciliation Table – Geographic Area FY 2025 vs FY 2024 less less Changes in license less Constant Revenues Growth Acquisitions and agreements where the Organic Foreign exchange Currency disposals Group operates as a licensee EMEA (1) 0.5% (0.9%) 1.4% —% —% 1.4% (2) 7.9
Slide 35: Contacts and Next Releases
CONTACTS AND NEXT RELEASES External Relations Paola Durante - Chief of External Relations and Sustainability Alice Poggioli - Investor Relations Director ir@zegna.com corporatepress@zegna.com Next financial releases Q1 2026 Revenues – April 30, 2026 H1 2026 Preliminary Revenues – July 23, 2026 H1 20